The government of Bahrain has granted Canada’s EnCana Oil Group a 50 percent stake in its offshore Block 5, reported the Ministry of Oil. The company will drill for oil and gas in the eastern region of the state.
Chevron Texaco holds the remaining 50 percent stake in the Block, which extends from the east of Muharraq Island in the north to include all the Hawar Islands.
EnCana is an independent oil and gas company with an enterprise value of approximately 30 billion Canadian dollars ($19 billion).
The company is the largest producer and landholder in Western Canada and is a key player in Canada's emerging offshore East Coast basins. It is also the largest private sector oil producer in Ecuador and is the operator of a very large oil discovery in the United Kingdom, Central North Sea.
Bahrain, which in 1932 became the first Gulf Arab monarchy to produce oil, has seen its reserves plunge and badly needs to discover new fields. The Gulf state produces around 40,000 barrels per day (bpd) and receives the entire output of 140,000 bpd from an offshore field shared with Saudi Arabia. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
